Absa Bank Uganda has received approval from the Bank of Uganda to acquire the Wealth and Retail Banking (WRB) business of Standard Chartered Bank Uganda, marking a significant development in the country’s banking sector.
The regulatory clearance paves the way for Absa to expand its retail and wealth banking footprint while reinforcing its position as one of Uganda’s well-capitalised financial institutions.
Speaking on the development, Absa Bank Uganda Managing Director David Wandera described the approval as a major milestone that demonstrates confidence in both Uganda’s banking system and the bank’s long-term commitment to the market.
“The Bank of Uganda’s approval is an important milestone that reinforces confidence in Uganda’s banking system and in Absa’s long-term commitment to the market. Drawing on our experience from the Barclays-to-Absa transition in 2019, we have proven capability in managing complex banking transitions under regulatory oversight while ensuring customer continuity and operational stability,” Wandera said.
He added that Absa remains committed to maintaining uninterrupted banking services and delivering responsible, customer-focused solutions that support Uganda’s economic growth.
The bank reassured customers that there will be no immediate changes to their accounts or banking arrangements, with day-to-day operations continuing as normal throughout the transition period.
According to Absa, clients will continue accessing services through existing banking channels, while any future changes will be communicated well in advance and in compliance with regulatory requirements.
The acquisition is expected to strengthen Absa’s retail and wealth banking capabilities by leveraging its existing branch network, digital platforms and experienced workforce to deliver enhanced customer experiences.
Standard Chartered Uganda Chief Executive Officer and Managing Director Sanjay Rughani welcomed the approval, saying the transaction aligns with the bank’s global strategic direction.
“This approval is timely and a testament to the strength and contribution of both institutions to Uganda’s banking industry. The decision reflects our continued commitment to align our operations with Standard Chartered Group’s global strategy, focusing on our core strengths in Corporate and Investment Banking,” Rughani said.
He noted that Standard Chartered has built a strong retail banking franchise in Uganda over the years and expressed confidence that Absa is well positioned to drive its next phase of growth while ensuring continuity and innovation for customers.
The transaction will take effect upon completion of the transition process, which both banks say is being implemented to ensure a seamless transfer of the WRB business.
Absa Bank Uganda said it will continue engaging regulators, customers and other stakeholders throughout the process to ensure a smooth transition.
The bank currently operates 39 branches, 91 automated teller machines (ATMs) and 26 cash deposit machines across Uganda.
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